In the first quarter of the current fiscal year, the slow recovery of the Japanese economy continued due to an improvement in jobs and for other reasons. Consumer spending has been firm but was nevertheless somewhat sluggish mainly because of a strong desire among consumers to hold back on purchases.
During the first quarter, the AOKI Group implemented various measures in all business segments as discussed below. Sales decreased 0.1% year-on-year to 46,254 million yen, but operating profit decreased 44.6% to 914 million yen. Ordinary profit decreased 47.1% to 862 million yen and profit attributable to owners of parent decreased 62.6% to 325 million yen.
First quarter sales were somewhat below the outlook because of slow sales at existing stores in the Fashion Business. However, operating profit was in line with the fiscal year forecast due to cost cutting at all group companies. As a result, there are no revisions to the forecast that was announced on May 11, 2017.
The full documents are available at http://ir.aoki-hd.co.jp/en/IRFiling/Results.html
Note: The original disclosure in Japanese was released on August 4, 2017 at 15:30 (GMT +9).
About AOKI Group
As a corporate group that continues to break the mold and innovate, the AOKI Group has worked to meet the needs of customers in a variety of life scenes. This has led to our expansion into new markets, including the bridal and entertainment businesses.